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Slow career change

JPNor

Shared on Wed, 09/07/2011 - 07:12

In 2003 I moved from the Connecticut suburbs of NYC to New Hampshire. There is something about the quality of life up here that has made me really enjoy the past 8 years - people are generally nicer, it's not as fast-paced, and the cost of living is far more manageable. I've worked my way up the ranks in my company,  I make good money for what I do, and I enjoy my job.

Over the last couple years though, I've been getting a bit home sick. My family and a ton of friends are still back "home" and my wife has been saying more and more that she wants to go back too (she moved up here with me before we got engaged).

So, although it's been on my mind for quite some time now, this weekend I made the long-term decision to phase out New Hampshire and get back to Connecticut. The plan involves paying off my debts, establishing a business, and doing lots of commuting from NH to CT on the weekends to grow that business.

I've always enjoyed video production and I believe I'm good at it. I have shot several weddings for friends over the last few years and even a few videos for this site (like Waterborn's interview with Wednesday 13 and Adam Sessler being drunk). My plan involves doing strictly weddings while I'm still living in New Hampshire, and once I'm in a position that I can afford to give up my full-time salary I'll be making the move.

Last night I initiated the plan and added a brand new weapon to my arsenal: a Canon XL-1 camera. I got it cheap (relatively speaking) because it's not HD, but it's one of the best SD entry-level professional cameras around.

My plan to get up and running is to shoot non-HD weddings and undercut my competition pretty drastically. Kind of like Walmart - their cheap merchandise put them on the map and now they're the biggest retailer in the world. My production abilities are as good as the professionals so I'm really hoping this plan gets my name out there. Plan B is to hook up with another videography startup in the area and grow together.

If you're a business owner or entrepreneur, got any advice?

Comments

Anonymous's picture
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FadeIntoBlack's picture
Submitted by FadeIntoBlack on Wed, 09/07/2011 - 10:13
Develop a good business plan ahead of time. A real one...not a smattering of ideas you came up with while watching The Office one evening. If you do it honestly and think it through critically it will help you determine what the strengths are, what the weaknesses are, what strategic advantages you have as well as helping you if you need to approach a financial institution for funding (which almost all have to sooner or later). As part of this make sure you develop at least a basic financial statement which will help you determine what your pricing should be and if the penetration model you are proposing will result in profits and if it is sustainable. The difference between successful businesses and failed businesses could often be avoided by a sound business plan. If you want a template for one let me know.
Lbsutke's picture
Submitted by Lbsutke on Wed, 09/07/2011 - 10:23
make sure to get an LLC. Limit your liabilities between your business and personal finances. This may sound dumb but I know enough people that did not do this and are in trouble because of it.
TDrag27's picture
Submitted by TDrag27 on Wed, 09/07/2011 - 10:41
Before you take the good advice above...honestly assess whether you have the grit to stick it out and be successful. How do you deal with setbacks? Are you determined enough to continue crafting your skills? Sacrificing your free/family time? Being good at video production is certainly a start. But being willing, and even obsessed, to make sacrifices to be better and to go through all the really un-fun work to start a business is more important.
JPNor's picture
Submitted by JPNor on Thu, 09/08/2011 - 07:18
You all rule. There is some awesome info here. Fade, I'll be sending you a PM when I have more time. LB and Tara, these are great points to keep in mind. The hardest part for me is to be open-minded about giving up my "real" job and the salary attached to it. I crunched some number over the weekend and if I was to maintain the same costs In considering my penetration model I would need to shoot almost 100 weddings per year to hit the salary I have in mind. 2 weddings a week in New England isn't possible. This already suggests to me that over the course of the next 3-5 years, when I phase into doing this full time, I will need to find other ways to be profitable.
JPNor's picture
Submitted by JPNor on Thu, 09/08/2011 - 07:19
Wish I could edit a comment.... second paragraph should say "if I was to maintain the same cost I'm considering for my penetration model...."

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